Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have the budget to hire an accountant, making it your own can be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can assist you. While this is lengthy it is possible to gauge whether TaxJar is exactly what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? How To Upgrade TaxJar Plan
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could require days to complete and is completed in just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to ensure is that your accounting tax system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The last thing you want is to be penalized for missing a single minor point.
TaxJar lets you display your most important data in one location. That way, there’s no need to gather data from different channels and sort it into a single platform. All you need to do is to integrate TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms that they can connect with:
TaxJar allows customers to submit their sales tax by hand or using their AutoFile feature. For the purpose of this article, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns, the team will instruct you on how to handle them. However, it will be up to you and your team members to complete the process on time. TaxJar will only provide guidance on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything will be automated, from calculating taxes on sales in order to record and process them. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, like an inventory of your transactions, reports, and data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. They not only let you know how much you’ve accumulated, but they also help you track when your following payment is due.
The dashboard allows you to see the overall sales taxes in your business. It is also possible to export your data in CSV format. CSV file in case you require it to aid in process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. It means you don’t need to search for your documents whenever you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operational expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also all things that has to do with sales tax. You can look through their webinars, guides, and blog for more info. Additionally, their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they can be too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small company owner, this plan could be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for something a bit more than just the standard features, then the Professional plan could be the one for you. The price starts at $99 but it can go higher by adding custom features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive business, you might need to go for premium plans instead. It includes all of the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, Integrations with APIs, teams of users, and AutoFiles.
They also have a team dedicated to managing your account. However, they don’t disclose how much the Premium plan is going to cost. How To Upgrade TaxJar Plan
However, they did say that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require for your business.
It’s a good thing that you don’t have to gamble your money just to determine if this service is right for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to gauge whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only will it assist you in keeping track of your products and revenue, but it can help you meet your deadlines. It is also a great opportunity for accountants since they offer the Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you get more done while keeping on top of each deadline and obligation you have to fulfill. If you’re in a place with complicated tax regulations, this will definitely help you get your mind around it. How To Upgrade TaxJar Plan
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire procedure simple to follow then you’re better to do it on your own.
FAQ How To Upgrade TaxJar Plan
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar can calculate the tax.